Pickering Retreat is a one-of-a-kind lifestyle offering that serves as a peaceful and private getaway. Meander lush gardens and trails, relax with a bonfire and s’mores at the water’s edge, or pick oysters and clams from your own private shellfish beach.

This property is a haven for boaters with 975 lineal feet of low-bank salt water and private tidelands, and a concrete boat launch ramp to launch you into the waves. Whether heading out for a day of fishing or embarking on an aquatic adventure, seafarers will enjoy the open waters of the south sound. Residents have the choice of keeping a boat on the year-round boat mooring buoy with an anchoring system or storing it in one of several nearby public and private marinas.

Which is better for your financial situation - renting or buying? This is one of the most talked about subjects between economists, and there still has not been a general consensus on the subject.

What it really comes down to is if you really want to buy a house, and you make it a priority, you should invest in a house.

If it isn't very important for you to own your own house don't do it, especially it's not something you can't afford. No one wants to be "house poor."

Regardless of your situation it is important that you are educated on both the pros and cons of renting and buying.

Diversification in Renting

The main advantage of renting is diversification. When you own a home a huge chunk of your wealth is tied up in one asset.

If for some reason your town has an economic slump (I don't foresee that happening in Seattle nor Kirkland), or if local zoning laws change, or if there's a pollution problem your home's value will go down, taking your net worth with it.

This is when renting becomes particularly advantageous because you can invest your extra money in a diversified portfolio of assets, including: stocks, bonds, trusts, etc. You will be safe from local shocks like that.

Home ownership also puts you in a sticky situation if you lose your job.

Since both house prices and local job markets are tied to the local economy, the same slump that cost you your job, and which makes it harder for you to find a new work in the area, also tends to cut the value of your house.

All in all, owning a house makes it more likely that everything will go wrong in your financial life at the same time.

The perk of renting is the ability to be mobile without any major inconveniences. If you do need to move because of a local economic slump, you are able to be flexible and move to a different town.

True Upsides of Home Ownership

Homeownership isn’t without true upsides, of course. It means you don’t have to pay rent each month (though you do have to pay property tax, maintenance costs and interest and principal on your mortgage loan).

Rent itself can be highly volatile and homeownership bears the cost of this risk. In addition, having a mortgage can be a sort of commitment device that forces you to save more of your income each month — since mortgage payments are investments in housing equity, they thus encourage saving.

Finally, many people prefer owning to renting, because it gives them more control over their own living space and fulfills part of the American dream.

Notice that except for avoiding rent volatility, most of the points in favor of homeownership are psychological, not financial.

The only really good reason to buy a house is if you want to own a house. If you like homeownership a lot more than the average person — or if you want to use a mortgage to try to force yourself to save more money — then ignore the financial calculus and buy a house. It's that simple!

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CATHERINE FERRERA & ASSOCIATES IS A TEAM OF REAL ESTATE BROKERS AFFILIATED WITH COMPASS. COMPASS IS A LICENSED REAL ESTATE BROKER AND ABIDES BY EQUAL HOUSING OPPORTUNITY LAWS. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. INFORMATION IS COMPILED FROM SOURCES DEEMED RELIABLE BUT IS SUBJECT TO ERRORS, OMISSIONS, CHANGES IN PRICE, CONDITION, SALE, OR WITHDRAWAL WITHOUT NOTICE. NO STATEMENT IS MADE AS TO ACCURACY OF ANY DESCRIPTION. ALL MEASUREMENTS AND SQUARE FOOTAGES ARE APPROXIMATE. THIS IS NOT INTENDED TO SOLICIT PROPERTY ALREADY LISTED. NOTHING HEREIN SHALL BE CONSTRUED AS LEGAL, ACCOUNTING OR OTHER PROFESSIONAL ADVICE OUTSIDE THE REALM OF REAL ESTATE BROKERAGE.